$183.9 Million Credit Card Debt Written-Off
Friday, 1st January 2010
Bad debts written off by banks for credit and charge cards in Year 2009 was $183.9 million, a rise of nearly 60% over the previous year. Singapore have only 1.2 million credit card holders, so the figure is alarming. The reason was in-part due to the global financial crisis of 2008. During that time, many lost their job and most started to draw down from their savings. Their debt will start to increase and they get into trouble. Most got into difficulty in paying and their trouble the spilled over in 2009.
Here are some Singapore Credit Card Statistics provided by www.mas.gov.sg: A total of 7.15 million credit card are in circulation. An average of 3.4 cards per household. 10 transaction were made monthly and they spent a total of a about $1,450 per month on goods & services.
From MAS
2010/08 5.8M Main Card + 1.3M Sup Card = 7.15M Cards
Average Billing Per Card 2552500000/13332412 = $192/card/month
ROLLOVER BALANCE $288/card/month
Write Off $15M month
Published by mas.gov.sg